How to Sell Insurance | Licensing and Career Tips | Kaplan

How to sell insurance for dummies

Video How to sell insurance for dummies

how to sell insurance is top of mind for anyone considering this rewarding career. Selling insurance requires hard work, determination, networking, marketing, following up, and a genuine interest in people’s lives, plans, and futures. It means working on commission (in most cases) and having at least an insurance license. This article describes the steps to follow for the sale of insurance.

1. decide what type of insurance to sell and get your license.

Insurance sales is a broad category and one insurance license does not cover all the different types. therefore, you must choose what type of insurance you would like to sell. Common options are life, health, property, and accident insurance. Two other types that are quite common are surplus line insurance, which covers unusual situations with risks not covered by standard insurance, and variable product insurance, which has an investment element.

To obtain an insurance license for everything except variable product insurance (you need a Finra Series 6 license for that), you must be at least 18 years old. You will need to pass an exam administered by the state in which you want to sell insurance. Many states require you to complete pre-licensing education before taking the exam. You must also pass a background check which may include fingerprinting.

2. choose how you want to sell insurance.

There are two ways to sell insurance after you get your license. can be a “captive” or an independent agent. Captive agents work for a specific insurance company and are only allowed to sell their insurance products to potential customers and clients. office expenses are generally paid and they receive continuing education benefits and training.

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Independent agents work on their own and sell the products of different insurers. They use their own resources to start and market their business, but typically earn higher commissions than captive agents. By offering products from different carriers, they can tailor solutions specifically for their prospects and customers.

thinking about a career in insurance? Download this free e-book to start your insurance career.

3. generate leads.

After you get your license and choose how you want to sell insurance, you’re ready to start selling. You know you need to help customers understand the differences in insurance policies so they can choose the plan that’s right for them, but you need to get those customers first. So how do you do that? you will have to generate leads.

If you work as a captive agent, your employer may provide you with leads, usually by selling them to you. If you’re freelancing, you’ll need to generate leads in other ways. Many independent agents buy listings and some even hire insurance marketing organizations or field marketing organizations to help them with marketing and lead generation.

Even with the help of another party, it’s always good policy to make sure you also get leads the old-fashioned way: by networking and using referrals. encourage family and friends to recommend it. Participate in insurance and other community events to spread the word that you are an insurance agent. remember to create a website and profiles on facebook, linkedin, twitter, instagram and snapchat and keep up to date with them regularly, interacting as much as you can.

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4. make your proposal.

Selling insurance to your potential customers is all about tone. You need to present yourself well, speak in the language your prospects understand (no jargon or jargon), and demonstrate empathy with their situations. when you put yourself in their shoes, you can better explain to them how your insurance products will benefit them.

Potential customers are looking for a solution and benefits, not a list of features. therefore, you should examine and understand how the features it offers resolve problems so that you can make appropriate remediation recommendations. This is called solution selling, and it’s more effective than simply listing features like a 24×7 helpline or one-click accounting report.

Many potential customers may think they don’t need insurance or are reluctant to commit to the best policy for fear of the cost. Or, they may be required by a bank or law to purchase insurance and want the lowest priced option. in those cases, you should ask questions that lead them to focus on what could happen without the right amount or type of insurance:

  • What is the most valuable thing in your house?
  • What happens if it’s stolen?
  • What types of severe weather events, such as floods, hurricanes, blizzards, or storms, have occurred near your home?
  • If you were to die, how long could your family live on your savings?
  • How much do you think a funeral costs?
  • What would happen to your job if you were permanently injured?
  • If you are injured or hospitalized for a long period of time, how would you and your family be supported?
  • After you get the answers to those questions, you can explain how the insurance solutions you provide can help protect them in those situations.

    step 5. follow these tips.

    Here are some additional tips that can help you get new customers and keep them:

    • Create sales goals to stay on track throughout the year.
    • Find something in common with prospects and customers to make them (and yourself) feel comfortable.
    • Find opportunities to learn from experienced co-workers or, if you’re a freelancer, from other freelancers.
    • Keep up with insurance markets and trends so you can introduce new solutions to potential and existing clients.
    • Listen to your prospects and customers more than you talk to them.
    • never miss an opportunity to network.
    • Partner with other professionals, like attorneys and accountants, who can answer client questions you can’t. then offer to answer insurance questions they can’t answer as a way to get referrals.
    • Do you think selling insurance is right for you?

      If you’re excited to help people plan for the future with the right insurance products, your first step is to get your license. exam preparation packages can help you increase your chances of passing, so you can start your exciting new career.

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